New regulatory measures for Libya’s insurance sector

The Ministry of Economy and Trade has adopted three decisions introducing reforms to the insurance and reinsurance regulatory framework in Libya.

Decision No. 374 establishes new requirements for the registration of foreign reinsurance companies, branches, and representative offices seeking to conduct reinsurance activities in Libya. The decision sets out regulatory, documentary, financial, and credit-rating requirements.

Decision No. 315 introduces mandatory third-party liability insurance for companies operating in technical fields, including engineering, consulting, contracting, cybersecurity, healthcare, and tourism.

Decision No. 460 addresses mandatory motor insurance. In the event of death or bodily injury resulting from a traffic accident, the maximum compensation is set at 120 000 LYD  (18 884 USD) per person.